Question 1

So what exactly does Hometap do?

Accepted Answer

Hometap is a Boston-based fintech company on a mission to make homeownership less stressful and more accessible. Its home equity investment product provides homeowners with a fast, simple, and straightforward way to access the equity in their home without taking out a loan or having to sell. By investing alongside homeowners, Hometap offers debt-free cash in exchange for a share of their home’s future value — all without any monthly payments or debt over the life of the investment. And its digital platform, the Home Equity Dashboard, empowers homeowners to make informed financial decisions about their home and take action on those decisions with confidence, speed, and ease. Homeowners can use the Dashboard to see their home’s current and future equity, explore different appreciation scenarios, forecast the cost and return on investment for various home renovations, access valuable guides and tips to help them make the most of homeownership, and get exclusive discounts and offers on home services from Hometap’s network of trusted partners. Through a combination of financial innovation and best-in-class customer service, Hometap enables people to get more from homeownership so they can get more from life.

Question 2

What is a Home Equity Investment?

Accepted Answer

A home equity investment is a smart financing solution that allows homeowners to tap into their home’s equity without taking on debt. With a Hometap Investment, homeowners receive cash in exchange for a share of their home’s future value. There is no debt, no monthly payments, and no restrictions on how the funds are used for the life of the Investment (10 years).

Question 3

What is the Home Equity Dashboard?

Accepted Answer

The Home Equity Dashboard is a digital platform that empowers homeowners to make informed financial decisions about their home and take action on those decisions with confidence, speed, and ease. Homeowners can use the Dashboard to see their home’s current and future equity, explore different appreciation scenarios, forecast the cost and return on investment for various home renovations, access valuable guides and tips to help them make the most of homeownership, and get exclusive discounts and offers on home services from Hometap’s network of trusted partners.

Question 4

What's the difference between an HEI and a loan?

Accepted Answer

Hometap makes home equity investments in people’s homes. Hometap is not a lender, and a Hometap Investment is not a loan. Unlike a lender, we receive no monthly payments or guaranteed return on the money we’ve invested. And unlike with a loan, homeowners make no monthly payments to Hometap during their Investment and we have no guaranteed return on the money we’ve invested. For some, taking an equity investment can be an intelligent way to fund the opportunities and needs that come up in life while eliminating the “debt stress” of increased monthly payments.

Question 5

Who can use a Hometap HEI?

Accepted Answer

Because there are a lot of factors that go into determining if Hometap can make an Investment in a property, there isn’t a black-and-white list of criteria. Each property is evaluated independently. That’s why we suggest you start an Investment Estimate so that our Investment Managers have the information they need to speak with you about your specific scenario. Here are some of the qualities that tend to make for a good fit: Your home is located in a state in which we’re currently operational. We currently invest in the following property types: Single-family homes, Condos, Vacation and rental properties, Multi-family homes (1-4 units), Manufactured homes. We have a minimum FICO requirement of 550, though most of the homeowners we work with tend to have a score of 600+. You have a minimum of 25% equity in your home. * The investment amount you’re looking for is 25% or less of your total home value, or under $600,000 (this is the maximum amount that we can invest, and it will depend on home value and equity percentage, as well). The more you know about your home equity, the better decisions you can make about what to do with it. Do you know how much equity you have in your home? The Home Equity Dashboard makes it easy to find out.

Question 6

What’s the best way to understand and keep track of my home's value and equity?

Accepted Answer

The Home Equity Dashboard, our free digital platform, has all of the tools and resources you need to take control of your largest asset. You can get accurate estimates of your home’s current and future value and equity, calculate average cost and return on investment of common renovations, get tips customized to your home so you can make more confident decisions, and more.

Frequently asked questions

The Basics

So what exactly does Hometap do?

What is a Home Equity Investment?

What is the Home Equity Dashboard?

What's the difference between an HEI and a home equity loan?

Who can use a Hometap HEI?

What’s the best way to understand and keep track of my home's value and equity?

Getting Started

What is the process for getting a Hometap Investment?

How long do I have to settle a Hometap Investment?

How does Hometap’s pricing work?

How is the settlement amount calculated?

In what states is a Hometap Investment available?

If I don’t have to guarantee Hometap payments, how does Hometap make money?

How quickly can Hometap make an Investment?

When am I expected to pay fees and when do I receive my Investment?

In what situations would Hometap not be the right option?

What are the fees associated with closing an investment?

I live in a flood zone. Can Hometap still make an Investment in my home?

After the Investment

Will Hometap have a say in what I do with the house after the Investment?

Will Hometap be responsible for any expenses like taxes or insurance or if an act-of-God-tree falls on my house?

What are my obligations if I take an investment?

What if I want to renovate or paint the house purple? Do I have to tell Hometap?

Do you offer renovation adjustments?

After an Investment, does Hometap conduct random inspections?

If I want to take out more equity from my home after my first Investment, is that a possibility?

Settling the Investment

What if I want to sell my house before the effective period is up?

What happens if I don’t sell the home by the end of the effective period and want to keep it or pass it on to my kids? What do I owe Hometap?

What happens if the value of my home goes down?

What happens if my house burns down?

Are you involved in the process when I’m ready to sell my home?

What happens to the Investment if I pass away?

Ready to get started?